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Apple’s stock price jumps after Tim Cook’s comments on Metaverse

Tim Cook sees a lot of potentials in the Metaverse

by Eray Eliaçık
28/01/2022
in Corporate, Business
Reading Time: 2 mins read
Apple’s stock price jumps after Tim Cook’s comments on Metaverse
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After hours trading saw Apple’s stock price rise after CEO Tim Cook stated during the company’s Q1 2022 earnings call that he sees considerable opportunity in the Metaverse industry.

Cook said during the Jan. 27 call that Apple sees “a lot of potentials” in the Metaverse, adding, “We’re investing appropriately.”

“We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”
-Cook

The Metaverse is a virtual universe that was partly made by users, with socializing, gaming, and even live shows. Although it may be accessed via a browser, the experience is enhanced when used with virtual reality (VR) or augmented reality (AR).

Apple’s stock price jumps after Tim Cook's comments on Metaverse
Apple’s stock price jumps after Tim Cook’s comments on Metaverse

Apple prices rise with the metaverse

The price of APPL rose about 3% to $159.22 during regular trading hours, but it has since jumped 8% to $167.23 in after-hours trading after the call. The Metaverse was one of the subjects addressed on the call.

According to Appleinsider, Cook mentioned during the Jan. 27 conference that Apple already has a plethora of 14,000 applications on its App Store that have been created using ARKit, the AR developer platform. Users could use apps developed with ARKit to get access to the Metaverse.

Apple’s stock price jumps after Tim Cook's comments on Metaverse
Apple’s stock price jumps after Tim Cook’s comments on Metaverse
SEE ALSO
Apple releases iOS 15.3 and iPadOS 15.3: Here are the details

Apple is placing its chips on AR technology, while Meta has tended to rely on the Oculus headset to bring users into the Metaverse. Apple’s headset was supposed to debut in 2022, but according to Bloomberg, it may be delayed due to technical difficulties.

Although Cook’s enthusiasm for the Metaverse, the headset under development is expected to be focused on gaming, communication, and content consumption.

Tags: app storeapplAppleapple priceApple stock priceARARKitAugmented RealityfeaturedMetaversestock priceTim Cookvirtual realityvirtual universeVR

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